Bismarck, ND - Insurance Commissioner Jim Poolman today issued a cease and desist order against David A. Skjerven, a Fargo insurance agent, who has allegedly been involved in a Ponzi scheme that has defrauded individuals in the Fargo area. The order bars Skjerven from engaging in the business of insurance.

The order has been issued as a result of Skjerven borrowing money from previous or current insurance clients and failing to repay money. State law prohibits a licensed insurance agent from soliciting or accepting a loan from any person with whom the agent has had an insurance relationship within the last ten years. It is alleged that Skjerven borrowed more than $2 million from clients.

Poolman said, "By taking this action today, I am working to ensure that insurance consumers are not harmed further by Skjerven and his illegal actions."

In a separate administrative proceeding, Poolman will move to permanently revoke the license of Skjerven. Skjerven has a right to request an administrative hearing on both the cease and desist order and the administrative complaint within 30 days of issuance.